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ST <br />TO: Mark E. Bernhardson, City Administrator <br />FROM: Tom Kuehn, Finance Director <br />DATE: August 4, 1988 <br />SOBJ: Council Delegation of Responsibility to Designate <br />Depositories of City Funds <br />Attachments: Proposed Resolution to Delegate Respi.:nsibility of <br />Designating Depositories of City Funds <br />At the first council meeting of each year, the council adopts a <br />resolution of appointments for the year, including a listing of approved <br />depositories for the city funds. There are times throughout the year, <br />however, when we have the opportunity to invest in bank or savings and loan <br />certificLtes of deposit and the timing is such that the investment decision <br />must be made before the institution can be formally approved by Council. <br />To avoid that situation, Council can, under Minnesota Statutes, delegate <br />the responLibility of designating depositories of city funds to the city <br />treasurer or chief financial officer. <br />if the resolution is adopted, Council would be informed of any <br />additions made by myself to the list of approved depositories through the <br />Administrator's Information in the agenda packet. <br />ALTERNATIVES: Approve <br />Table <br />Deny <br />TO: Mayor and Council <br />FROM: Mark E. Bernhardson, City Administrator <br />Forwarded recommending approval. <br />PROPOSED MOTION: Moved by , seconded by , to adopt <br />Resolution A , nuthorizing the City Treasurer to designate <br />depositories of City funds. <br />